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Price and trend forecast of MTNL for Tomorrow, Weekly, Monthly

Mahanagar Telephone Nigam Limited

Symbol: NSE:MTNL

ISIN: INE153A01019

34.80

As on 2024-04-16

18.15 (52W Low) 52.40 (52W High)

MTNL's Today's Performance

Mahanagar Telephone Nigam Limited started the day by opening at 34.60 today 2024-04-16. Its shares reached a high of 36.40 and dipped to a low of 34.30 in intraday. When the markets closed, MTNL’s stock price settled at ₹34.80 per share. Also check out its key support and resistance levels.

MTNL Buy/Sell Targets

Tomorrow, sell MTNL when its price reaches ₹ 34.80 with a stop-loss order at ₹ 35.74. You can set the target price as ₹ 33.86 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of MTNL for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for MTNL

Resistance Levels Value in ₹
Tomorrow Resistance 1 36
Tomorrow Resistance 2 37
Tomorrow Resistance 3 38

Important Supports for MTNL

Support Levels Value in ₹
Tomorrow Support 1 34
Tomorrow Support 2 33
Tomorrow Support 3 32
Based on where the stock opens tomorrow, if MTNL opens on a positive note, our first target will be ₹36. If Target 1 is achieved, we will aim for Target 2 which is ₹37.

But if MTNL falls below the average value of ₹35.17, you can enter a sell side position with target number 1 - ₹34 and second target - ₹33 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of MTNL

Looking at MTNL, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, MTNL has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for MTNL is strong bearish.

Tomorrow's Volume based share price Forecast for MTNL

MTNL's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a strong bearish trend. Volume trend strength over the last month compared to the last week is 29%.

Reversal detection for MTNL

Predicted trend chart of MTNL tomorrow for price forecast
MTNL may trend may continue to be bearish since stock is making lower low and we can get target of ₹35 in morning tomorrow
Target 1 tomorrow36
Target 2 tomorrow36
Target 3 tomorrow37
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with MTNL's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if MTNL opens on a positive note, our first target will be ₹36.03. If Target 1 is achieved, we will aim for Target 2 which is ₹37.27.

But if MTNL falls below the average value of ₹35.17, you can enter a sell side position with target number 1 - ₹33.93 and second target - ₹33.07

MTNL's Weekly Targets
1st Up Target 36.03
2nd Up Target 37.27
1st Down Target 33.93
2nd Down Target 33.07

As the week for MTNL ended on bearish sentiments, we can expect further continuation of this sentiment. MTNL's initial target will be 36.03 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 33.93 in the upcoming week.

Weekly OHLC Values
Open 35.95
High 36.40
Low 34.30
Close 34.80

Week for MTNL started with an open price of 35.95, and the close was at 34.80. MTNL reached the highest of 36.40 and dipped lowest up to 34.30 last week. This indicates a bearish sentiment for the week.

MTNL full month swing targets
Monthly Up Target 1 38.13
Monthly Up Target 2 39.37
Monthly Down Target 1 31.83
Monthly Down Target 2 28.87

Targets of ₹38.13 can be expected to be reached in the coming month. Once MTNL achieved this target, we can aim for the next upside target of ₹39.37.

MTNL if fails to hold upside, down targets of ₹31.83 and ₹28.87 can be achieved by end of this month.

For complete three weeks if MTNL is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as MTNL

Symbol Name Industry
BHARTIARTL Bharti Airtel Limited Telecom Services
INDUSTOWER Indus Towers Limited Telecom Services
NAUKRI Info Edge (India) Limited Internet Content & Information
IDEA Vodafone Idea Limited Telecom Services
TATACOMM Tata Communications Limited Telecom Services

Summary

MTNL is expected to reach the target of 36.03 in tomorrow's trading session.

After achieving the initial target in MTNL, we will aim for higher targets of 37.27 tomorrow.

However, if MTNL starts to trade below ₹35.17, then we will shift our focus to the sell side and aim for down targets of 33.93 and 33.07.